The politics of NAFTA

Article Abstract:

The North American Free Trade Agreement (NAFTA) negotiated between the US, Canada and Mexico in Aug 1992 will usher in the largest international free-trade zone when it comes to effect in 1994. The agreement, which takes precedence over other treaties, provides for full market access and uniform regulations on competition and investment among the three members. Based on 'most-favored-nation' treatment, NAFTA also provides for mutual transparency in domestic law application, the lowering of tariffs and non-tariff barriers, harmonized customs regulations and the creation of a central information clearinghouse for each country. In addition, NAFTA includes explicit safeguards for intellectual property rights, bars the use of performance requirements as investment prerequisites or regulatory measures and includes environmental conditions as a factor in commercial relations.

International trade, North America, Commercial treaties, Trade agreements

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Preparing for NAFTA: Canadian judicial anti-avoidance doctrines

Article Abstract:

The increase of American business interests in Canada that will result from the North American Free Trade Agreement means American lawyers should familiarize themselves with Canadian judicial anti-avoidance doctrines. Canada's general anti-avoidance rule gives the tax court authority to deny tax benefit flowing from a transaction by re-characterizing it. Judicial authority derives its power through the definitions of step transactions, interpretations of object and spirit of the tax code and its determination of real legal relationships between parties of business, known as the substance over form doctrine.

Analysis, Taxation, International aspects, Tax planning, Taxing power, Formalities (Law)

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